FTB FAQs for Pass-Through Entity (PTE) Elective Tax
FTB has revised its PTE elective tax FAQs
to clarify that a trust included in the definition of “taxpayer” under RTC § 17004, is a qualified taxpayer eligible for the PTE credit. In addition, estates or trusts can generally pass credits through to beneficiaries. The FAQs also explain how PTE elective tax underpayments and overpayments are treated.